The African Development Bank (AfDB) has made known its plans to support Nigeria to access Crop Insurance, to fasten the impact of climate change in the country.
The President of the AfDB, Dr Akinwumi Adesina revealed this recently.
“When it comes to Climate Financing, what we will do is to support Nigeria, especially to have access to Crop insurance.”
“A lot of pastoralists actually needs to have insurance as well because lack of access to water can become a big problem because of drought.”
“Also, I have being a big supporter of the need for the global climate financing mechanism to support countries to pay the premium to insure them against catastrophic risk.”
“For example, there is a facility, which is called Africa Risk Capacity and this is the Africa Union Facility that allows countries to buy insurance.”
“It allows countries to buy insurance and if there is drought and flood, they will pay it back into the confer of government to cover a lot of recovery activities.’’
“I consider it as unfair that Africa, which has been shortchanged by climate change, is now shortchanged in terms of climate financing.
“It is very important therefore, that the global mechanism for climate should pay insurance for African Countries that are suffering this disproportionate in negative impact of climate change.
“I have reached out as well to President Buhari on this issue because I know within the context of what is trying to push for Lake Chad Basin.
“If somebody pays the premium, if there is any catastrophic event, they will be able to get money from Africa Risk Insurance.
“I have said that Africa Development (Bank) is willing to co-finance the premium payment. I don’t want Africa to be short-changed because we are suffering quite a lot from the impact of Climate Change,’’ he said.
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